DEPOSITS, REMOVAL OF THE
\dɪpˈɒsɪts], \dɪpˈɒsɪts], \d_ɪ_p_ˈɒ_s_ɪ_t_s]\
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President Jackson, on being successful in the election of 1832, believed himself authorized by the popular voice to pursue to extremities his war upon the Bank of the United States (see Bank). By the Act of 1816 creating the bank, the funds of the Federal Government were to be deposited in it, subject to removal by the Secretary of the Treasury, who should state to Congress the reasons for so doing. Jackson, believing that the bank was unsound, and that its influence was used to corrupt politics, determined that the deposits should be removed. McLane, Secretary of the Treasury, not favoring this course, was transferred to the State Department. The new Secretary, Duane, refused to give the necessary order, and was dismissed by Jackson. Roger B. Taney was then appointed, and ordered the removal, more strictly cessation, of deposits, September 26, 1833. Jackson set forth his reasons to Congress, on its assembling. The Senate replied by a vote of censure. Jackson sent in a protest, declaring that the matter rested entirely within his competence as head of the Executive Department. In 1837 his friends succeeded in inducing the Senate to expunge its resolution of censure.
By John Franklin Jameson
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Nearby Words
- depositor
- depositories
- depository
- depository financial institution
- depository library
- Deposits, Removal of the
- depositum
- depositure
- depostat
- deposul
- depot